What is Stamp Duty?
Stamp duty land tax (or land and buildings transaction tax in Scotland, and land transaction tax in Wales) is a lump-sum tax that anyone buying a property or land costing more than a set amount has to pay. The rate you'll pay the tax at varies based on the price of the property and the type (we'll focus on residential buildings, rather than commercial).
Stamp duty was reformed in 2014 - the slab system (where you'd pay a single rate on the ENTIRE property price) was swept away, and in its place we now have a more progressive system.
Stamp duty rates apply to anyone purchasing an additional property, such as buy-to-let investments and second homes. From April 2016, a 3% surcharge is applied on top of the normal SDLT rate.